Small businesses will have recourse to the Superannuation Complaints Tribunal (SCT) as well as other external disputes resolution services under changes announced by the Federal Government this month.
The Government said it would be extending the jurisdiction of the SCT to cover small businesses which deal with Australian Prudential Regulation Authority (APRA)-regulated funds.
The move has been confirmed by the Assistant Treasurer, David Bradbury, who said additional members would be appointed to the SCT.
He said the Government had moved because small businesses were involved in a range of interactions with superannuation providers when making superannuation payments and other arrangements on behalf of their employees.
"This measure will fill a gap in the existing external dispute resolution system by ensuring that small businesses are offered similar access to external dispute resolution for resolving disputes with superannuation providers as they are for disputes with other financial service providers," Bradbury said.
Bradbury said stakeholders would be consulted on the legislative amendments to give effect to the measure.
Originally published by SMSF Essentials.
